Within a week of launching Start-Up India Hub — an online platform for startup ecosystem of India to discover, connect and engage with each other, Commerce & Industry Ministry and Start-up India along with Startup Portugal have launched the India-Portugal International Startup Hub (IPISH), a platform developed to strengthen and foster the connection between the startup ecosystem of both India and Portugal.
The launch was announced during PM Modi’s visit to Lisbon, Portugal where both the countries have signed 11 MOUs for cooperation in areas including double taxation avoidance, science and technology, trade and investment, nanotechnology, space research, administrative reforms and culture.
“11 MoU’s were exchanged out of which seven and there was announcement of launch of a joint science fund for which both India and Portugal will contribute Euros two million each. 5 of the MoU’s were in the area of science and technology,” said a Ministry of External Affairs (MEA) official.
The official added, “There is progress in discussions between IIT Roorkee, Gandhinagar and madras with their Portuguese counterparts to take science and technology related activities forward. 15 projects were approved during the joint committee meeting for science and technology.”
IPISH hosts a range of tools and will provide information on the start-up hotspots of Bangalore, Delhi and Lisbon; and on associated subjects, such as policy, taxation, and visa options. It will develop a Go-To-Market Guide to support start-ups.
IPISH is expected to help in mutual capacity building, and enable connections between startups, investors, and incubators from relevant sectors. It is also expected to establish a network of honorary ambassadors based in India and Portugal to guide start-ups from both countries.
There are strong complementarities between India and Portugal in the startup sector. Portugal has one of the highest rates of business creation in Europe and has emerged as one of the most vibrant European ecosystems for entrepreneurship.
To recall, Start-Up India’s virtual hub has also tied up or in fact outsourced the startup mentorship to a New York based technology incubator and collaboration community Collaborizm [Read Here].
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